A bill that would restrict movement of hard currency in and out of Nigeria passed its second parliamentary reading on Wednesday.
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Reuters report that the bill, which is in the House of Representatives, is designed to replace a law passed in 2004.
Citing the draft bill, the news agency said it would ban individuals and companies from exporting more than $50,000 in cash without written approval of the central bank, with contraventions punishable by up to two years in prison.
According to a copy of the bill sighted by Reuters, it said anyone importing more than $10,000 would have to disclose the source of and use for the funds.
The bill, which the President must assent to before it becomes law, also seeks to extend the time for issuance of capital importation certificates to 72 hours from 48 hours.
Recall that the Senate agreed in September 2016 to investigate allegation against MTN that the telecommunication giant unlawfully repatriated $13.92 billion between 2006 and 2016.
